McDonald's to nearly double restaurants in Chinese mainland

McDonald's plans to increase the number of its restaurants from 2,500 to 4,500 in the Chinese mainland over the next five years.

The company aims for double-digit sales growth in each of the next five years, according to a company statement Tuesday.

China's third- and fourth-tier cities will be the focus of the expansion. The company expects that 45 percent of its China restaurants to be located in those cities by the end of 2020.

The company also announced the completion of a strategic partnership with CITIC Limited, CITIC Capital Partners and The Carlyle Group, creating the largest McDonald's franchise outside the United States.

The partnership will operate and manage McDonald's businesses in the Chinese mainland and Hong Kong.

"China will soon become our largest market outside the United States. We are excited to join forces with CITIC and Carlyle for better localized decision-making to meet changing customer demands in this dynamic market," Steve Easterbrook, Mcdonald's president and CEO, said in the statement.